In 2023, cobalt refinery capacity in Canada stood at 8.75 Thousand Metric Tons. The forecasted data shows a steady increase from 2024 to 2028, with the capacity expected to reach 9.52 Thousand Metric Tons by 2028. This represents a Compound Annual Growth Rate (CAGR) of approximately 1.7% over the five-year forecast period. Year-on-year growth rates are consistent, indicating a stable expansion.
Future trends to watch for include:
- The impact of technological advancements on refining processes, which could potentially increase efficiency and capacity.
- Global and domestic demand shifts for cobalt driven by the electric vehicle market and renewable energy storage needs.
- Geopolitical and environmental regulations that might influence production capacities and operational strategies in Canada.
